Raymond James lifts Patterson-UTI Energy Inc. [PTEN] price estimate. Who else is bullish?

Patterson-UTI Energy Inc. [NASDAQ: PTEN] loss -2.00% on the last trading session, reaching $16.62 price per share at the time. The company report on December 21, 2022 that Patterson-UTI Energy to Participate in the Goldman Sachs Global Energy and Clean Technology Conference.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that the Company will participate in the Goldman Sachs Global Energy and Clean Technology Conference on Thursday, January 5, 2023. Participating in the conference from Patterson-UTI will be Andy Hendricks, Chief Executive Officer; and Mike Drickamer, Vice President Investor Relations.

While at the conference, Andy Hendricks will participate in a panel discussion on Thursday, January 5, 2023 at 10:20 a.m. Eastern time. To access the webcast of this fireside chat, go to the investor relations section of the Company’s webcast at investor.patenergy.com prior to the scheduled start time.

Patterson-UTI Energy Inc. represents 216.82 million in outstanding shares, while the company has a total market value of $3.70 billion with the latest information. PTEN stock price has been found in the range of $16.33 to $17.60.

If compared to the average trading volume of 2.65M shares, PTEN reached a trading volume of 3840121 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Patterson-UTI Energy Inc. [PTEN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PTEN shares is $23.36 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PTEN stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Raymond James have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Strong Buy, with their previous recommendation back on December 09, 2022. While these analysts kept the previous recommendation, Piper Sandler raised their target price to Overweight. The new note on the price target was released on October 07, 2022, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another drop from $22 to $13.50, while BofA Securities kept a Neutral rating on PTEN stock. On June 01, 2022, analysts increased their price target for PTEN shares from 21 to 22.75.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.86, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.59. The Price to Book ratio for the last quarter was 2.20, with the Price to Cash per share for the same quarter was set at 0.19.

Trading performance analysis for PTEN stock

Patterson-UTI Energy Inc. [PTEN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.54. With this latest performance, PTEN shares dropped by -6.89% in over the last four-week period, additionally plugging by 14.23% over the last 6 months – not to mention a rise of 90.60% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PTEN stock in for the last two-week period is set at 48.40, with the RSI for the last a single of trading hit 48.53, and the three-weeks RSI is set at 49.44 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 16.86, while it was recorded at 16.53 for the last single week of trading, and 15.78 for the last 200 days.

Patterson-UTI Energy Inc. [PTEN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Patterson-UTI Energy Inc. [PTEN] shares currently have an operating margin of -49.10 and a Gross Margin at -42.30. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at -48.42.

Return on Equity for this stock declined to -36.25, with Return on Assets sitting at -19.71.

Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.50.

An analysis of insider ownership at Patterson-UTI Energy Inc. [PTEN]

There are presently around $3,635 million, or 99.00% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 40,347,866, which is approximately 3.644% of the company’s market cap and around 1.00% of the total institutional ownership; VANGUARD GROUP INC, holding 25,644,174 shares of the stock with an approximate value of $426.21 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $230.91 million in PTEN stock with ownership of nearly 3.192% of the company’s market capitalization.

Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 148 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 21,690,535 shares. Additionally, 137 investors decreased positions by around 28,546,650 shares, while 42 investors held positions by with 168,504,737 shares. The mentioned changes placed institutional holdings at 218,741,922 shares, according to the latest SEC report filing. PTEN stock had 56 new institutional investments in for a total of 8,571,608 shares, while 36 institutional investors sold positions of 10,183,200 shares during the same period.


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